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1099 Filings: What You Need to Know as a Business Owner

If you own a business, it’s important to be aware of the different types of tax forms that you may need to file. One type of form that you may need to file is a 1099 form. In this blog post, we’ll take a closer look at 1099 forms and what you need to know about them as a business owner. 

What is a 1099 Form?

A 1099 form is an information return that is used to report certain types of payments made by businesses and organizations. The most common type of 1099 form is the 1099-MISC, which is used to report payments made to contractors and other non-employees. 

As a business owner, you may need to file a 1099 form if you have made any of the following types of payments during the year: 

-Rent paid to a landlord 

-Payments made to attorneys or law firms 

-Commissions paid to salespeople 

-Payments for services performed by independent contractors 

It’s important to note that payments for products are not reportable on a 1099 form. 

How Do I File a 1099 Form?    

If you need to file a 1099 form, you will need to obtain a copy of the appropriate form from the IRS website. Once you have obtained the form, you will need to fill out the following information: 

 -Your name and address 

 -The name and address of the person or organization who received the payment 

 -The amount of money paid 

 Once you have completed the form, you will need to send it to both the recipient and the IRS. I recommend using https://www.efile4biz.com/.

  • Quick & Easy Setup
  • Data Imports
  • Full-Service Filing
  • Security
  • Faster than filing paper form

The deadline for sending out 1099 forms is January 31st. 

As a business owner, it’s important that you are aware of the different types of tax forms that you may need to file. One type of form that you may need to file is a 1099 form. In this blog post, we’ve taken a look at what 1099 forms are and what you need to know about them as a business owner. If you have any further questions about filing your taxes, be sure to consult with your accountant or tax attorney.

about the blogger

Hey there!

Hi! I'm Marinda Broadbent!

I’m an expert QuickBooks Online Bookkeeper, a nerd when it comes to the numbers, and my obsession is teaching business owner their numbers so be confident on grow their business (without it taking over their life).

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Looking for a virtual bookkeeper?

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If you own a business, it’s important to be aware of the different types of tax forms that you may need to file. One type of form that you may need to file is a 1099 form. In this blog post, we’ll take a closer look at 1099 forms and what you need to know […]

1099 Filings: What You Need to Know as a Business Owner

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